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What happens before the Risk Management Plan...

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What steps must a project manager take before building a risk management plan?

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Solution Summary

This excerpt outlines the steps that project managers must take to prepare a risk management plan and relates the information to the BP oil spill.

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In order for one to begin a risk management plan, they must first perform a sensitivity analysis to measure the probability of every inherent risk and consequence that can affect the scope and outcome of the project - in addition to those that will be both managed and ignored. A good risk management plan needs to be examined against the policies of government, the directing company and other regulatory bodies. It must also ...

Solution provided by:
Tamara Daniels, MS
Education
  • Master Online Teacher Certificate, University of Illinois
  • MS, National Louis University
  • MA, National Louis University
  • BA, University of Illinois
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